The dubious case of Lincoln Financial Field

[00:00:00]Lincoln Financial Field is an NFL stadium loved by many. It was built in the early 2000s as a fully open air venue and is the home of the Philadelphia Eagles. So, why is this stadium potentially getting replaced?

[00:00:14]This video will touch on Lincoln Financial Field's history while also speculating on its future outlook, comparing the possibility of a renovation versus a replacement. The plan for a new Philadelphia Eagle stadium arose as Veteran Stadium, known as a cookie cutter multi-purpose circular concrete venue, was considered obsolete by the mid1 1990s. In turn, the Eagles began planning for its replacement. Public funding was approved in 1999, and the Eagles officially announced in the year 2000 that Ling Financial Field would be constructed within the South Philadelphia Sports Complex. Groundbreaking occurred in 2001 with the construction finishing and the stadium opening for the 2003 NFL season.

[00:00:56]The project costs just over $500 million, not adjusted for inflation. The stadium's architecture was unique in that it was not part of the 1990s stadium boom when many venues were built purely out of necessity and functionality. See, this stadium was built with a little more ornamentation.

[00:01:14]Its seating design could be described as cleaner and more cutting edge in comparison to 1990 stadiums like Nissan Stadium and Cleveland Brown Stadium.

[00:01:24]Lincoln Financial Fields exterior was built using red brick. Parts of its exterior have since been renovated over the years, but the stadium itself has remained largely unchanged since its inception. Lingard Financial Field has existed in relatively good standing. It did receive a renovation about a decade ago in which larger video boards were added, but nothing dramatically changed within the stadium. It is considered a solid NFL venue with a loud atmosphere due to Philadelphia's passionate fan base along with the fact the Eagles have been a competitive team for much of the past decade. It's fair to say the stadium, at least its interior, has aged quite well for it being 23 years old. In 2012, there was an interesting study done on the stadium determining whether or not it could potentially be suitable for a retractable roof. The renderings depict a large translucent dome encompassing the stadium with what appeared to be some type of cable supported retractable roof design. It reminds me of early drawings for a possible Cleveland Brown stadium roof that were never realized. This was done, however, by an independent firm. This retractable roof renovation concept can be related to today as the Eagles have spent the last few years gauging fan interest regarding what to do with Lincoln Financial Field. It is something the Denver Broncos did a few years ago before heavily considering a new retractable roof stadium. A big component to this entire situation is the complex in which it exists. The South Philadelphia Sports Complex currently has three venues occupying its space. Lincoln Financial Field, Citizens Bank Park, and the Xfinity Mobile Center. Originally, it was looking like the 76ers and Flyers would potentially flee their arena within the complex, moving elsewhere. However, it was recently announced that they will be staying in South Philadelphia with a brand new arena inside the complex. This is a major development as it's directly tied to the announcement of a new $2.5 billion entertainment district which will consist of hotels, retail space, public plazas, restaurants, and more.

[00:03:30]This type of renovation was desperately needed if the Eagles were to remain within its complex. Eagles fans reportedly love Lincoln Financial Field and do not want to see the stadium go or be heavily altered. ownership understands that the stadium's lease is due to expire in 2032 and they know it gives them leverage in trying to secure public money for a possible renovation.

[00:03:53]Although, let's be honest, the idea that the Eagles would threaten to relocate is ridiculous. In reading the tea leaves, it seems there is a strong sentiment that the Eagles may opt to build a new stadium. Despite Lincoln Financial Field aging extremely well, it unfortunately has a few potential fatal flaws that ownership may view as inadequate for a renovation. Its first major flaw is the fact that it's open air. Obviously, they could potentially add a retractable roof, but adding a fully enclosed structure to a pre-existing stadium would likely cost well over a billion dollars, probably closer to 1.5 billion in today's market. Similar to the Everbank stadium renovation, that price tag causes ownership to look at the possibility of an entirely new stadium.

[00:04:41]Why spend 1.5 billion on a roof when you could spend 2.4 billion on a brand new state-of-the-art facility that could be fully optimized with more luxury suites and club seating, which are the real revenue generators when it comes to ticket sales. Its second potential fatal flaw is its location. Yes, the potential $2.5 billion entertainment district helps, but its location in South Philadelphia has been met with consistent complaints in regards to transportation problems. If this entertainment district gets constructed, its location outside of the higher densely populated area of Philadelphia could make transportation problems worse, as parking inevitably will be eliminated to make way for such buildings within the district. On top of that, you have to wonder if the Eagles shop around under the assumption that they could build their own entirely new district, allowing them to make more revenue without having to share a space with three other teams. Those two factors could cause Eagle's ownership to scrap Lincoln Financial Field and possibly the site entirely, opting for another location in South Philadelphia that would enable the Eagles to build surrounding developments, significantly upgrading their revenue generating opportunities. It should be noted that they are still in the early stages of this potential decision, currently just gauging fan interest, but again, it sounds very familiar to what the Denver Broncos were doing a few years ago, and it since looks like they've decided to build a brand new stadium entirely. If the Eagles opt for a new venue, the expectation based on current stadium trends is that it would likely be a translucent roof dome stadium. Although I guess the Eagles could buck the trend and pursue a retractable roof stadium similar to what the Broncos are considering. The ideal scenario for both the NFL and many Eagles fans is a modest renovation to Lincoln Financial Field, allowing it to continue existing as an open air stadium while receiving a lease extension of 15 to 20 years. This would preserve key outdoor inventory for the NFL in a cold weather climate at a time when many teams are opting for domes.

[00:06:48]The emergence of a potential district surrounding the stadium could help convince the Eagles to stay put, but for them, the question is pretty clear-cut.

[00:06:57]It basically comes down to the value on the potential for significantly more revenue opportunities with a fully enclosed dome. If they do decide to go with the dome, would that be an addition to Lincoln Financial Field or would that be an entirely new stadium? Because Lincoln Financial Field has aged well, the addition of a retractable roof or translucent roof might make some sense.

[00:07:22]The interior of the stadium looks and feels relatively modern, meaning there wouldn't have to be extensive interior renovations, as the stadium has already received new, wider video boards. The main argument for building an entirely new stadium would be the opportunity for further optimization in terms of club and luxury seating. This is something that could potentially be renovated within Lincoln Financial Field, but it would cost additional money on top of potentially adding a roof. The idea of adding a roof to a pre-existing open air stadium is extremely challenging in general and requires a completely new builtup exterior surrounding the stadium. On top of that, it would inevitably require the Eagles to play elsewhere for at least one season while the majority of the roof is constructed.

[00:08:09]A final decision on the stadium will come down to ownership's appetite for revenue optimization and a decision between renovating Lincoln Financial Field or building a brand new stadium.